INTRODUCTION TO INCOME TAX

Paper Code: 
EFSG 316
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs)

Course Outcomes

Learning and teaching strategies

Assessment Strategies

 
 

On completion of this course, the students will be able to:

CO86: Investigate the complete knowledge of basic concepts of income tax.

CO87: Construct residential status of a person.

CO88: Measure the income under different heads.

CO89: Acquire knowledge regarding provisions of set-off and carry forward of losses along with deemed income.

CO90: Assess the income of an individual after defining deductions U/S 80.

 

Interactive Lectures, Discussion, Tutorials, Team teaching

 

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

  

 

7.00
Unit I: 
Introduction

• Definitions Person, Assessee, Income, Previous Year, Assessment Year, Gross Total Income, Total Income
• Residential Status of an individual and Scope of Total Income
• Tax Rates, Rebates & Reliefs

10.00
Unit II: 
Computation of Taxable Income

• Computation of Taxable Income Under the Head Salaries: Concept, Pay Scale, Allowances, Perquisites, Provident Fund & Deductions

9.00
Unit III: 
Computation of Taxable Income

• Computation of Taxable Income under the Head House Property
• Computation of Taxable Income under the head Business and Profession: Concept
• Depreciation, Additional Depreciation, Unabsorbed Depreciation
• Compulsory Maintenance of Books of Accounts & Compulsory Audit of Accounts
• Basic Deductions

9.00
Unit IV: 
Capital Gains

• Capital Gains: Concept & Computation
• Computation of Taxable Income under the Head Other Sources

10.00
Unit V: 
Deductions from Gross Total Income

• Deemed Income & Set off and carry forward of Losses
• Deductions from Gross Total Income: 80C, 80D, 80DD, 80DDB, 80E, 80EEB, 80G, 80TTA, 80TTB & 80U
• Assessment of Individual

Essential Readings: 

SUGGESTED TEXTBOOKS:
• Income Tax- Agarwal, Jain, Sharma, Shah, Mangal (Ramesh Book Depot)
• Income Tax-Patel, Chaudhary, Sharma, Modi, Bardia

References: 

SUGGESTED REFERENCE BOOKS:
• Professional Approach to Direct Taxes- Girish Ahuja& Ravi Gupta (Bharat Law House Pvt Ltd, New Delhi
• Direct Tax Laws- T.N Manoharan, Snowwhite Publications (P) Ltd
• Direct Tax Law and Practice- V.K Singhania (Taxmann Publication, New Delhi)
• Law and Practice of IncomeTax, MrDinkar Pagare, (M/S Sultan Chand& Sons)
• Income Tax for Students-Sharad Bhargav, (Mashbara Industries)
• Income Tax; Law and Accounts:- H.C Mehrotra(Sahitya Bhawan)

e-RESOURCES:
• https://www.incometaxindia.gov.in/pages/tutorials.aspx
• https://www.taxmann.com/virtualbooks/product/6695 income tax act 2021 virtual book

REFERENCE JOURNALS::
• Tax World
• Indian Journal of Finance
• IUP Journal of Applied Finance
• The Indian Journal of Commerce

Note The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless.

Academic Year: 
2023-2024
  • Printer-friendly version
  • PDF version